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TAX BREAKS WILL BE A TREMENDOUS BOOST FOR YOUNG PROFESSIONALS – G2K



G2K | 2019-03-11 10:41:00

Generation 2000 (G2K), the young professional affiliate of the Jamaica Labour Party (JLP) says it welcomes the tax breaks that were announced by the Honourable Minister of Finance and Public Service, Dr. Nigel Clarke during his inaugural budget presentation yesterday as a significant boost for young professionals.

“Student loan payments have been a major challenge for many graduates. The lowering of interest rates will go a very far way in helping persons to meet their student loan obligations while increasing their spending power.

Furthermore, the benefits are enhanced when it is taken into account the fact that ten percent of student loan balances will be written-off for each year that borrowers work with a registered charity.

“Not only will these measures put people on the fast track to being debt free, but they will also create avenues for young professionals to easily give back to society.” said G2K President, Mr. Stephen Edwards.

The Minister of Finance announced a lowering of interest rate for eligible borrowers with the Students' Loan Bureau (SLB) effective at the start of the new financial year. Students in good standing will get a two percentage point reduction in interest rates. In addition, the interest rate for post-graduate students will be lowered to 7.5 per cent down from 9.5 per cent, while Pay-As-You-Go loans have been lowered to four per cent from six per cent. Further, people with student loans working for a registered charity will get a ten per cent reduction on their loans for each year employed.

“Jamaica has long encouraged entrepreneurship among young people including students. However, the minimum business tax has been a disincentive. Now that the Government has removed this distortionary tax it will be easier for talented young professionals to realize their dreams of starting a business,” said G2K Vice President, Mr Ryan Strachan.

President Edwards stated further, “The reductions of the transfer tax rate on the sale of property from five percent to two percent will make it far easier for young persons to realize their dreams of owning a home. The combination of all these benefits will be a tremendous boost for young professionals.”

Generation 2000 is encouraging all young professionals to take advantage of these and other tax breaks that were announced, and to ensure that the benefits reach others by using their extra spending power to ‘buy Jamaican’.




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